hereafter referred to as the "Customer"
To:
Midsteam Supply & Rental, LLC
1009 Jeter Street
Bossier City, Louisiana 71111
This will confirm the understanding between us.
1) OBLIGATIONS. As an inducement to you to grant credit, or assume a credit risk, from time to time, in respect of sales of goods made to you to the Customer, or respect of any other type of transaction by which you may become the creditor of the Customer, the undersigned shall pay to you forthwith when due, or upon demand thereafter, without deduction for any claim of setoff or counterclaim of the Customer or loss of contribution from any co-guarantor, the full amount of obligations or indebtedness due to you from the Customer, whether originating in transactions between you and the Customer, or assigned and transferred to you, together with all expenses of collection and reasonable counsel fees incurred by you by reason of the default of the customer.
2) TERM OF GUARANTY. This guaranty shall continue in full force and effect and shall be conclusively presumed to be relied upon by you, until such time as the Board of Directors of Midstream Supply & Rental, LLC receives from the undersigned written notice of revocation, and such revocation shall not in any way relieve the undersigned from liability for any indebtedness incurred prior to the actual receipt of the Board of Directors of Midstream Supply & Rental, LLC at the address stated above, of such notice by certified mail, return receipt requested.
3) CONSENT AND WAIVER. The undersigned waives notice of acceptance hereof, and notice of orders, sales and deliveries to the Customer, and of the amounts and terms thereof, and of all defaults or disputes with the Customer, and of settlement or adjustment of such defaults or disputes. The undersigned, without affecting his liability hereunder in any respect, consents to and waivers notice of all changes of terms, the withdrawal or extension of credit or time to pay, the release of all or part of the indebtedness, the settlement or compromise of differences, the acceptance or release of security, the acceptance of notes, trade acceptances, or any other form of obligations for the Customer's indebtedness, and the demand, protest and notice of protest of such instruments or their endorsements. The undersigned also consents to and waives notice of any arrangements or settlements made in r out of court in the event of receivership, liquidation, readjustment, bankruptcy, reorganization, arrangement, or assignment for the benefit of creditors of the Customer. The undersigned hereby expressly waives any right to, promises that it will not make demand of or require that the Board of Directors of Midstream Supply & Rental or its assigns and representatives, proceed against the aforementioned principal debtor in any way whatsoever as a condition precedent to the undersigned's immediate and continuing duty and liability to make full and prompt payment of all sums covered by this guaranty. The undersigned expressly waives the rights of discussion and division.
4) CHARACTER OF OBLIGATION. The obligation shall be enforceable before or after proceeding against the Customer existing and future indebtedness of the Customer by operation of law, or the subsequent incorporation, reorganization, merger, or consolidation of the Customer or any other change in the composition, nature, personnel, or location of the Customer.
5) LIABILITY. All liabilities of the Customer and the undersigned shall mature immediately upon the insolvency of the Customer, and the commission of an act of bankruptcy by the Customer, the appointment of a receiver for the Customer or any of its property, the filing of a voluntary or involuntary petition in bankruptcy, reorganization, or arrangement, the making of an assignment for the benefit of the creditors, or the calling of a meeting of creditors by the Customer.
6) CONSTRUCTION. Nothing herein contained shall be construed as an obligation on your part to sell goods or extend credit to the Customer, or as an obligation to continue to sell goods or extend credit. Your records showing the account between you and the Customer shall be admissible in evidence in any action or proceeding involving this guaranty, and such records shall be prima facie proof of the items therein set forth. This guaranty shall for all purposes be deemed to be made in and shall be governed by the laws the State of execution of this credit Agreement and Guaranty.
7) DEFINITION OF "UNDERSIGNED". The term "undersigned" shall mean all parties executing this guaranty, and all parties shall be made jointly and severally obligated hereunder.
8) BENEFITS. This guaranty shall be binding upon the undersigned, his legal representatives, and assigns, and shall insure to your benefit and to the benefit of your successors and assigns.